23 CAR § 320-1203
23 CAR § 320-1203. Title to trust securities in name of a nominee
Length: 59 wordsOfficial source
(a) A bank or trust company in the administration of a trust may place title to trust securities in the name of a nominee.
(b) If there is a cotrustee, consent must be obtained.
(c) But a bank or trust company in such a situation will be absolutely responsible for any loss occasioned by the act of the nominee.